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by Ann O'Connell (Author), Timothy B. Borchers (Author)
Estate planning for family cottages and cabins
It's never too early to take steps to preserve a beloved family property for generations to come. Shared ownership of vacation property--especially when the co-owners are family members--can be fraught with problems. The idyllic dream of a cottage getaway can be shattered when co-owners' emotions, financial concerns, and opinions on how the property should be used come into play.
Fortunately, a solid plan that dictates how the property will be owned and managed can prevent squabbles over the family cottage. This book lays out a roadmap for creating and implementing this plan. It also explains how to identify properties that qualify as heirlooms worthy of a succession plan, and provides time-tested guidance on how to:
- keep the peace among heirs
- prevent a family member from forcing a sale of the property
- keep your vacation home out of the hands of in-laws and creditors, and
- smoothly transition ownership of the property from one generation to the next.
The seventh edition expands on buy-out options for heirs, how to transfer the property to later branches of the family, and when it might be appropriate to form a nonprofit association to hold the property.
